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Sensex, Nifty fall in line with Asia as growth worries resurface; Tata Motors, Wipro drop

Sensex, Nifty fall in line with Asia as growth worries resurface; Tata Motors, Wipro drop

Sensex, Nifty fall in line with Asia as growth worries resurface; Tata Motors, Wipro drop
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By Ajay Vaishnav  Mar 8, 2019 1:30:57 PM IST (Published)

Benchmark 30-share BSE Sensex dropped almost 90 points, or 0.24 percent, to trade at 36,636 at 12.45 pm, while the broader 50-share NSE Nifty50 slipped by 37.55 points, or 0.34 percent, to trade at 11,020.

Indian shares traded lower in the afternoon session on Friday, snapping a 4-day winning streak, on weak global cues.

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Asian shares lost steam, a day after European Central Bank (ECB) revised its growth guidance sending jitters across markets. The investor sentiment took a further hit after Chinese data showed weakening exports in the world's second-largest economy, escalating slowdown concerns.
Mirroring the worries, the benchmark 30-share BSE Sensex dropped almost 90 points, or 0.24 percent, to trade at 36,636 at 12.45 pm. The broader 50-share NSE Nifty50 slipped by 37.55 points, or 0.34 percent, to trade at 11,020. Broader market indices fell in tandem with the Nifty MidCap lower by 0.36 percent and BSE MidCap down by 0.24 percent.
Among the sector laggards, the BSE Metal leads the fall, dropping about 2 percent. BSE Oil & Gas and BSE Energy were other top losers in the pack.
Wipro, Tata Motors, Indian Oil Corp., Hindalco, Tata Steel, HCL Technologies, Vedanta and ONGC declined between 1 and 4 percent.
declined nearly 5 percent in early trade on Friday after 26.7 million shares changed hands in a single block deal on BSE at Rs 260 per share.
Shares of Lakshmi Vilas Bank slumped as much as 7 percent in early morning trade on Friday after the lender's qualified institutional placement (QIP) issue to raise Rs 500-700 crore opened today.
Among the index gainers, NTPC, Eicher Motors, Titan, Bajaj Auto, Sun Pharma, Tata Consultancy Services and Yes Bank rose by up to 3 percent.
Granules India shares jumped 10 percent to an intra-day high of Rs 113.50 on BSE. The sharp rise came in despite promoters selling 50 lakh shares, constituting 1.9 percent stake, worth Rs 50 crore via open market.
Also, shares of Arvind Fashions, the de-merged business of Arvind Ltd, jumped as much as 5 percent in their market debut on Friday. The stock, which got listed at Rs 590, rose to a high of Rs 621.30 on the Bombay Stock Exchange. The implied market cap of Arvind Fashions is at Rs 3,450 crore with enterprise value (EV) at Rs 4,150 crore.
Earlier, the rupee opened lower at 70.09 against the US dollar, hurt by a strong US dollar after the European Central Bank postponed interest rate hikes to 2020.
In debt markets, the yields on the 10-year government bonds were down 0.01 percent to 7.39 percent from its previous close of 7.39 percent. Bond yields and prices move in opposite directions.
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